23andMe reports Q3 EPS (58c), consensus (14c)

Reports Q3 revenue $44.7M, consensus $54.03M…Operating expenses for FY24 Q3 were $301M, compared to $128M or the same period in the prior year. The increase in operating expenses was primarily due to a $199M non-cash goodwill impairment charge taken in the quarter. The foregoing increase was partially offset by lower personnel-related expenses following workforce reductions in prior quarters along with the disposition of Lemonaid Health Limited in the UK in August 2023, a non-cash impairment charge for certain intangible assets in the prior year and lower R&D spend due to significant Investigational New Drug -enabling activity in the prior year quarter. Net loss for FY24 Q3 was $278M , compared to a net loss of $92M for the same period in the prior year.”The Company had a very productive third quarter, with meaningful strategic progress across all three business lines,” said Anne Wojcicki, Co-Founder & CEO of 23andMe. “In Therapeutics, we presented encouraging Phase 1 data for 23ME-00610 at SITC, and are excited to move our novel 23ME-01473 program, a ULBP-6-targeting antibody, into the clinic. We introduced 23andMe Total Health(TM), added meaningful functionality to our 23andMe+ Premium membership offering and signed our first non-exclusive data deal with GSK. We continue to focus on positioning the business to create maximum value and look forward to a strong finish to the year.”